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The Census and Statistics Department (C&SD) released today (March 26) the external merchandise trade statistics for February 2015. In February 2015, the value of Hong Kong's total exports increased by 7.2%, whereas the value of imports of goods decreased by 0.9% over a year earlier.
As the trade flows in January and February of each year tend to show considerable volatilities due to difference in timing of the Lunar New Year holidays, it is useful to analyse the trade figures for these two months taken together.
Taking January and February as a whole to neutralise the distortion caused by the difference in timing of the Lunar New Year holidays, the value of total exports of goods (comprising re-exports and domestic exports) rose by 4.6% over the same period in 2014. Within this total, the value of re-exports increased by 4.7%, whereas the value of domestic exports decreased by 2.5%. Concurrently, the value of imports of goods increased by 3.9%. A visible trade deficit of $72.6 billion, equivalent to 11.8% of the value of imports of goods, was recorded in the first two months of 2015.
In February 2015, the value of total exports of goods increased by 7.2% over a year earlier to $228.3 billion, after a year-on-year increase of 2.8% in January 2015. Within this total, the value of re-exports increased by 7.5% to $225.4 billion in February 2015, whereas the value of domestic exports decreased by 10.9% to $2.9 billion. Concurrently, the value of imports of goods decreased by 0.9% over a year earlier to $264.2 billion in February 2015, after a year-on-year increase of 7.9% in January 2015. A visible trade deficit of $35.9 billion, equivalent to 13.6% of the value of imports of goods, was recorded in February 2015.
Comparing the three-month period ending February 2015 with the preceding three months on a seasonally adjusted basis, the value of total exports of goods decreased by 2.8%. Within this total, the value of re-exports decreased by 2.8%, while the value of domestic exports went down by 2.7%. Meanwhile, the value of imports of goods decreased by 2.8%.
Analysis by country/territory
Comparing February 2015 with February 2014, total exports to Asia as a whole went down by 3.3%. In this region, decreases were registered in the values of total exports to some major destinations, in particular Taiwan (-11.5%) and the mainland of China (the Mainland) (-10.1%). On the other hand, strong increases were recorded in the values of total exports to the Philippines (+52.7%), Thailand (+49.6%) and Japan (+27.1%).
Apart from destinations in Asia, significant increases were registered in the values of total exports to some major destinations in other regions, in particular the USA (+55.2%), the United Kingdom (+47.3%) and Germany (+37.3%).
Over the same period of comparison, decreases were registered in the values of imports from most major suppliers, in particular Switzerland (-27.1%), Taiwan (-15.9%), Japan (-14.1%), Singapore (-12.3%) and Malaysia (-11.7%). Concurrently, increases were registered in the values of imports from the Mainland (+12.6%) and Korea (+3.9%).
For the first two months of 2015 as a whole, year-on-year increases were registered in the values of total exports to most major destinations, in particular Vietnam (+22.6%), the United Kingdom (+20.5%), the USA (+14.5%), Singapore (+13.6%) and Germany (+5.8%). The value of total exports to the Mainland also rose by 0.8%. However, year-on-year decreases were registered in the values of total exports to Korea (-4.8%) and Taiwan (-4.7%).
Over the same period of comparison, year-on-year increases were registered in the values of imports from some major suppliers, in particular Korea (+9.2%), the Mainland (+8.4%), Thailand (+2.9%), Japan (+2.4%) and Taiwan (+1.8%). On the other hand, year-on-year decreases were registered in the values of imports from Switzerland (-12.4%) and Malaysia (-7.3%).
Analysis by major commodity
Comparing February 2015 with February 2014, increases were registered in the values of total exports of some principal commodity divisions, in particular "telecommunications and sound recording and reproducing apparatus and equipment" (by $8.5 billion or 21.4%), "articles of apparel and clothing accessories" (by $3.6 billion or 49.2%) and "miscellaneous manufactured articles (mainly jewellery, goldsmiths' and silversmiths' wares)" (by $3.2 billion or 29.6%).
Over the same period of comparison, decreases were registered in the values of imports of some principal commodity divisions, in particular "miscellaneous manufactured articles (mainly jewellery, goldsmiths' and silversmiths' wares)" (by $3.3 billion or -19.1%), "petroleum, petroleum products and related materials" (by $2.6 billion or -30.9%) and "office machines and automatic data processing machines" (by $2.4 billion or -9.8%). However, an increase was registered in the value of imports of "telecommunications and sound recording and reproducing apparatus and equipment" (by $9.9 billion or 26.6%).
For the first two months of 2015 as a whole, year-on-year increases were registered in the values of total exports of some principal commodity divisions, in particular "telecommunications and sound recording and reproducing apparatus and equipment" (by $11.0 billion or 11.3%), "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $10.7 billion or 7.0%) and "miscellaneous manufactured articles (mainly jewellery, goldsmiths' and silversmiths' wares)" (by $3.7 billion or 12.6%).
Over the same period of comparison, year-on-year increases were registered in the values of imports of some principal commodity divisions, in particular "telecommunications and sound recording and reproducing apparatus and equipment" (by $21.8 billion or 24.2%) and "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $12.1 billion or 7.1%). However, year-on-year decreases were registered in the values of imports of "petroleum, petroleum products and related materials" (by $4.9 billion or -26.5%) and "miscellaneous manufactured articles (mainly jewellery, goldsmiths' and silversmiths' wares)" (by $3.0 billion or -8.2%).
Commentary
A Government spokesman noted that taking the first two months of 2015 together to remove the distortion caused by the difference in timing of the Chinese New Year holidays, merchandise exports grew moderately against a relatively low base of comparison a year earlier. Exports to the US and some Asian economies saw more visible growth. Nevertheless, given the still-challenging global economic outlook, more observations will be needed to ascertain if the moderate growth trend will continue in the period ahead.
The spokesman commented further that the external trading environment remains overshadowed by various uncertainties, including the slow pace of recovery in some advanced economies, diverging monetary policy stances of major central banks, and geopolitical tensions in various regions. The Government will monitor the situation closely.
Further information
Table 1 at the annex presents the analysis of external merchandise trade statistics for February 2015. Table 2 presents the original monthly trade statistics from January 2012 to February 2015, and Table 3 gives the seasonally adjusted series for the same period.
The values of total exports of goods to 10 main destinations for February 2015 are shown in Table 4, whereas the values of imports of goods from 10 main suppliers are given in Table 5.
Table 6 and 7 show the values of total exports and imports of 10 principal commodity divisions for February 2015.
All the merchandise trade statistics described here are measured at current prices and no account has been taken of changes in prices between the periods of comparison. A separate analysis of the volume and price movements of external merchandise trade for February 2015 will be released in mid-April 2015.
The February 2015 issue of "Hong Kong External Merchandise Trade" contains detailed analysis on the performance of Hong Kong's external merchandise trade in February 2015. Detailed merchandise trade statistics analysed by commodity and by country/territory are published in the February 2015 issue of "Hong Kong Merchandise Trade Statistics". The two publications will be available in mid-April 2015. Users can download them free of charge at the website of the C&SD (www.censtatd.gov.hk/hkstat/sub/sp230.jsp).
Enquiries on merchandise trade statistics may be directed to Trade Analysis Section (2) of the C&SD (Tel: 2582 5042).
Ends/Thursday, March 26, 2015
Issued at HKT 16:30
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